Free Trial!
Today’s Best Stocks To Trade! Click Here
The company said that about 350 jobs at the Lexington facility will be eliminated over the next two to three months. Operations from that plant will be consolidated in Robbinsville.
The company said it plans to retain a warehousing facility with about 20 workers at a separate location in Lexington. Stanley said it also is eliminating two executive positions, vice president of purchasing and vice president of human resources. Additionally, the company is offering early retirement packages for qualified salaried employees.
Stanley said it expects the consolidation to be finished by the end of the year and result in pretax restructuring and impairment charges of $6 million to $8 million in the second half of 2008.
Shares of Stanley fell 77 cents, or 7.9 percent, to close at $9. The stock, which earlier set a 52-week low of $8.65, has ranged from $9.30 to $22.25 over the past year.
FinancialWire" is a fully independent, proprietary news wire service of Investrend Information (a division of Investrend Communications, Inc.). FinancialWire" news is written by professional journalists, dedicated to pure journalistic standards. FinancialWire" does not receive or accept any compensation from any individual or subject company (or representative thereof) for its news or opinions. All FinancialWire" news is available at http://www.financialwire.net . Please address any inquiries to feedback@financialwire.net .
Free annual reports for companies mentioned in the news are available at http://investrend.ar.wilink.com/?level=279 .
http://www.financialwire.net
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
